COMMON QUESTIONS ABOUT TAX POOLING

May 25, 2017

If you have to pay provisional tax, then there is a good chance you’re using tax pooling, courtesy of Tax Management NZ (TMNZ).

We’ve collected a few common questions here to help. If your question is not here, please see this page or contact us.

WHY IS IRD CONTACTING ME ABOUT OVERDUE TAX IF I’M USING TAX POOLING?

Q: IRD are calling and texting me saying my tax is overdue?
A: Correct. This is to be expected. IRD have no visibility of what money you’ve deposited into the Tax Management NZ tax pool until it is actually in the IRD bank account.

Q: So what do I say to IRD then? I’m a bit freaked out by this!
A: Here’s what to say:

  1. You are using tax pooling via Tax Management NZ
  2. Can they please note this on your file
  3. Ask IRD to call us as your accountants if they require any further information

HOW DO I KNOW THE MONEY WILL ACTUALLY GET TO IRD?

You make your payments into a bank account administered by an independent trustee, Guardian Trust. Guardian Trust also oversees the TMNZ tax pool account at IRD in which your date-stamped payments are held. At no stage does TMNZ have access to your funds.

You can view your account online and request that any amounts held in the tax pool be transferred to your IRD account at any time.

MORE INFORMATION/ ARRANGE MY TAX POOLING

If you would like us to arrange your tax pooling or for more information, please see this page or contact us now.

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